In terms of allocating expenses between rental use and personal use, the IRS method of allocation tends to allocate more expenses to personal use than does the Tax Court method of allocation.
Answer the following statement true (T) or false (F)
False
The IRS method uses the total personal and rental days as the denominator when allocating expenses to rental use, whereas the Tax Court method uses the entire year. The Tax Court method results in a smaller percentage of expenses allocated to rental use and a larger percentage allocated to personal use.
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Which of the following statement is not true related to the African Growth and Opportunities Act (AGOA)?
A) The theme of the AGOA is "Trade, not Aid." B) It is designed to help African nations that help neighboring countries in need. C) The law is designed to support African nations that make significant progress toward economic liberalization. D) African companies will find it easier to gain access to financing from the U.S. Export-Import Bank. E) AGOA represents a formal step toward a U.S.-Africa free trade area.
If two or more companies agree to maintain a certain price on a product, they are engaging in a deceptive and illegal practice called price ________.
Fill in the blank(s) with the appropriate word(s).
Farris Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$78 Units in beginning inventory 0Units produced 8,800Units sold 8,700Units in ending inventory 100 Variable costs per unit: Direct materials$18Direct labor$10Variable manufacturing overhead$4Variable selling and administrative expense$5Fixed costs: Fixed manufacturing overhead$255,200Fixed selling and administrative expense$87,000What is the unit product cost for the month under absorption costing?
A. $37 per unit B. $66 per unit C. $32 per unit D. $61 per unit
Knowledge must be transferred to others in the firm to enhance the entrepreneurial competence of the firm. This requires that:
a. the receiving party have capacity to understand it. b. the communication process be highly intensive. c. the knowledge be broken into the smallest comprehensible units. d. training consultants be involved in every step of transference.